Scinai Immunotherapeutics Faces Nasdaq Delisting Warning

TL;DR

Nasdaq says Scinai might get delisted, company has a hearing to fight it.

AI Summary

Scinai Immunotherapeutics Ltd. received a Nasdaq staff determination letter on May 24, 2024, indicating non-compliance with shareholders' equity listing requirements. The company is scheduled for a hearing to present a plan to regain compliance.

Why It Matters

This Nasdaq warning could impact the company's stock liquidity and investor confidence, potentially affecting its ability to raise capital.

Risk Assessment

Risk Level: medium — The company is at risk of delisting from Nasdaq if it cannot present a satisfactory plan to regain compliance with shareholders' equity requirements.

Key Players & Entities

• Scinai Immunotherapeutics Ltd. (company) — Filer of the report
• Nasdaq (company) — Stock exchange where the company is listed
• May 24, 2024 (date) — Date of the Nasdaq staff determination letter

FAQ

From the Filing

0001213900-24-046981.txt : 20240528 0001213900-24-046981.hdr.sgml : 20240528 20240528141409 ACCESSION NUMBER: 0001213900-24-046981 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240528 FILED AS OF DATE: 20240528 DATE AS OF CHANGE: 20240528 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Scinai Immunotherapeutics Ltd. CENTRAL INDEX KEY: 0001611747 STANDARD INDUSTRIAL CLASSIFICATION: BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836] ORGANIZATION NAME: 03 Life Sciences IRS NUMBER: 000000000 STATE OF INCORPORATION: L3 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-37353 FILM NUMBER: 24990420 BUSINESS ADDRESS: STREET 1: JERUSALEM BIOPARK, 2ND FLOOR STREET 2: HADASSAH EIN KEREM CAMPUS CITY: JERUSALEM STATE: L3 ZIP: 00000 BUSINESS PHONE: 972-8-9302529 MAIL ADDRESS: STREET 1: JERUSALEM BIOPARK, 2ND FLOOR STREET 2: HADASSAH EIN KEREM CAMPUS CITY: JERUSALEM STATE: L3 ZIP: 00000 FORMER COMPANY: FORMER CONFORMED NAME: BiondVax Pharmaceuticals Ltd. DATE OF NAME CHANGE: 20140624 6-K 1 ea0206963-6k_scinai.htm REPORT OF FOREIGN PRIVATE ISSUER UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 Under the Securities Exchange Act of 1934 For the Month of May 2024 Commission File Number: 001-37353 SCINAI IMMUNOTHERAPEUTICS LTD. (Translation of registrant’s name into English) Jerusalem BioPark, 2nd Floor Hadassah Ein Kerem Campus Jerusalem, Israel (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐ On May 24, 2024, Scinai Immunotherapeutics Ltd. issued a press release announcing the receipt of a Nasdaq staff determination letter regarding shareholders’ equity listing requirements and hearing to present a plan for regaining compliance A copy of the press release is furnished herewith as Exhibit 99.1. This Report on Form 6-K is hereby incorporated by reference into the registrant’s Registration Statements on Form S-8 (File No. 333-271293 and File No. 333-239344 ) and Form F-3 (File No. 333-274078 and File No. 333-276767 ), to be a part thereof from the date on which this report is submitted, to the extent not superseded by documents or reports subsequently filed or furnished. Exhibit Index Exhibit No. Description 99.1 Press Release, dated May 24, 2024 1 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Scinai Immunotherapeutics Ltd. Date: May 28, 2024 By: /s/ Amir Reichman Amir Reichman Chief Executive Officer 2 EX-99.1 2 ea020696301ex99-1_scinai.htm PRESS RELEASE, DATED MAY 24, 2024 Exhibit 99.1 Scinai Immunotherapeutics Announces Receipt of a Nasdaq Staff Determination Letter Regarding Shareholders’ Equity listing requirements and Hearing to Present a Plan for Regaining Compliance JERUSALEM, ISRAEL – May 24th, 2024 - Scinai Immunotherapeutics Ltd. (the “Company”/Nasdaq: SCNI), a biopharmaceutical company focused on developing inflammation and immunology (I&I) biological products and on providing CDMO services through its Scinai Bioservices business unit, today announced the receipt of an additional Nasdaq Staff determination letter regarding noncompliance with the minimum shareholders’ equity required for continued listing and a hearing with the Nasdaq Hearings Panel (the “Hearings Panel”) to present a plan for the Company to regain compliance (the “Plan”). Based on discussions with the European Investment Bank (the “EIB”), one of the components of the Plan could include conversion of a part of the Company’s loan from the EIB into equity on terms the Company considers favorable to the Company and its